What is the AXA Affin Third Party Fire and Theft Commercial Vehicle all about?
This policy gives you protection against loss or damage to your vehicle as a result of fire or theft, plus liability to third parties for bodily injury and/or damage to property arising from your vehicle.
How much premium do I have to pay?
Motor premiums are governed by the Malaysian Motor Tariff. The premium rating takes into account factors e.g. sum insured, vehicle cubic capacity, vehicle's age, insured's age, required optional benefits, no claim discount ( NCD) etc.
What are some of the key terms and conditions that I should know?
It is important that you disclose all material facts e.g. previous claims experience and modifications to your vehicle. You must ensure that your vehicle is insured at an appropriate amount and in a radworthy condition. The AXA Affin Third Party Fire and Theft Commercial Vehicle is transacted on Cash Before Cover basis. This means AXA Affin must receive the premium before providing cover. Lastly, you will come across the term excess in your policy contract. This refers to the amount of loss that you have to bear for any own damage claims.
What are the major exclusions under this policy?
This policy does not cover certain losses such as:
- Your own death or bodily injury due to a motor accident
- Liabilities to driver and passengers of own vehicle (injury, death or property damage)
- Consequential losses, depreciation, wear and tear, mechanical or electrical breakdown failures or breakages
- Loss/damage arising from an act of nature e.g. flood, landslide.
What are the claims procedure in the event of an accident?
As cliche as this may sound, please do not panic! Lodge a police report within 24 hours. If a third party vehicle is involved, note the registration number of the vehicle, nature of damaged sustained and the insurer concerned. If a third party is injured, note the injuries suffered and if possible the personal details of the injured person's name, age, and occupation.
Notify AXA Affin in writing with full details as soon as possible. Complete the "Report Form on Motor Vehicle Accident" printed by AXA Affin's panel repairers and return to the repairers with the relevant documents. The repairers will submit these documents online to AXA Affin together with the estimate Cost of Repairs. Remember, you should not instruct the repairer to commence repair works without our written approval and most importantly, do not negotiate, admit, repudiate or promise settlement to any third parties.